Venminder Blog

Institutions have a lot to consider when assessing third party risk, but if vendor risk management hasn’t followed the process of understanding the inner workings of their third party vendors, [...]

Last week we released important information about understanding the impact GDPR has on third party risk. I have even more to tell. In this part 2 we’ll look a little deeper into chapters 2-4 and, [...]

A simple Google search on GDPR requirements and GDPR checklists will result in lots of information and free resources. The sheer amount of information available is dizzying to say the least and [...]

The EU (European Union) General Data Protection Regulation (GDPR) is considered timely in the sense that all e-commerce is officially in the sights of cyber criminals. Not a day goes by without a [...]

The term fintech is a broad definition, and I’ve heard that some firms offering software to process a data point for a financial institution, also define themselves as "fintech". In some of these [...]

Cambridge Analytica data mined over 50 million subscribed Facebook user's private information. As more details emerge over the questionable activities performed, the fall out continues. 

While we [...]

As part of our Venminder Thought Leadership interview series where I speak to experts in-housing finance and vendor service providers, I recently had the opportunity to sit down with Suresh [...]

There is a good chance that you are reading this article on a tablet or smart phone. Perhaps, you're reading it even while traveling or waiting for your next meeting.

The fact is that we live, [...]

The heading of this piece may sound like it was ripped from the pages of the latest James Bond adventure. But with recent data breaches, shell companies, pending new regulations on data privacy [...]

Effective May 25, 2018, the General Data Privacy Regulation (GDPR), a European Union (EU) regulation which formally became law in 2016, will bolster data privacy rights for European citizens.

The [...]

If you're a new vendor manager, there's a transition period before you're comfortable in your role. We all must start somewhere. So, I've put together a top 10 list of things to do if you're [...]

We’ve covered the benefits of using a software solution for your vendor management processes. Now, let’s talk about what to look out for and consider when selecting your software at your mortgage [...]

If I had to summarize vendor management and boil it down from the many descriptions available, I would use this one word: Relationship.

Mortgage subservicers offer a unique challenge to third party risk management. Unlike many fulfilment services engaged in the origination process, a subservicer interacts with the consumer for [...]

So, you’ve mastered the terms Business Continuity Planning (BCP) and Disaster Recovery (DR) and have a good understanding of what is needed to manage a sound vendor management program. 

Below is a [...]

Vendor management maturity levels vary across the company spectrum. As part of our many in-depth consultations with clients and prospects alike, we find that the staffing, expertise and even the [...]

The maturing landscape of vendor management has been ten years in the making. Take a look at how the third party risk management thought process has changed from 2007 to 2017.

When reviewing your vendor list at your mortgage company, do you pay close attention to your closing agent vendors? If not, you need to ensure you’re doing proper oversight going forward.

Complaint management plays a vital part in delivering a great customer service experience. But when it comes to vendor oversight, the initial complaint issue can have a lasting perception of the [...]

If an organization isn’t truly onboard with vendor management, they allocate team members that lack vendor management experience. Unfortunately, this is not surprising. So, there are a variety of [...]

Many states require lead generators to hold a mortgage broker license in some shape or form on the NMLS (Nationwide Multistate Licensing System/Nationwide Mortgage Licensing System and Registry). [...]

Software, that is not only well-designed but created by experienced vendor risk management professionals, will help you streamline your operation. 

If like me, you have had the opportunity to be examined by a regulator and survived, you’ll recognize the need to supply a copy of your vendor management policy and procedure documentation. The [...]

If the thought of planning in January for your 2017 vendor management goals feels like a distant memory, you’re probably not on your own. Like any news year's resolution, the initial goal is new [...]

If you're an established financial institution, you're probably using third party vendors to fulfill several functions to gain efficiencies and market advantages. After the contract has been [...]

On September 7^th at around 4 pm, reports came out in the media that one of the three national credit reporting agencies – Equifax – had disclosed a large data breach. Estimates so far is that it [...]

Vendor Management has become an art, a science and has metamorphized into a discipline which addresses multiple aspects covering reputation, credit, operational and financial risk.  

You really do [...]

I recently had an opportunity to discuss the state of vendor oversight with a former FDIC examiner. During our meeting, we discussed what I call the importance of third party oversight and the [...]

Vendor Concentration Risk is the risk which may occur when an institution relies too heavily on one vendor to perform several, if not all, critical/high risk functions for their operation. Vendor [...]

There are several wire fraud schemes currently in circulation which will have an immediate impact on the housing industry, financial institutions and the end consumer.

• We’ll look at the top 3 [...]

The mortgage industry has a curious relationship with the CFPB. While there are a few bad actors who fall foul of the CFPB enforcement actions...as an industry, we are striving to make mortgage [...]

The responsibility given to a vendor management department may vary across institutions. In some instances, the vendor management team may even have a voice when it comes to vendor selection and [...]

In the CFPB May release (Issue 15), the Consumer Financial Protection Bureau referenced updated guidance on third party oversight initiatives. We'll go through what it says, what it means and next [...]

Earlier this year, Fannie Mae released their long-awaited Day 1 Certainty program. For the mortgage lender,this represented a glimmer of hope to be released from certain future reps and warranty [...]

A vendor's criticality and risk rating are two different things, but they often get used interchangeably. We'll clarify them more for you to better understand.

The Appraisal Management Company (AMC) is a vendor which plays a vital role in the loan origination process. Regardless if your organization is a bank, non-bank, credit union or other type of [...]

CFPB exams for the non-bank lender have matured in recent years. The scope of the examination process has expanded to include a much more thorough review of vendor oversight.

Quality control audit firms play an important role in the review function of loan files. This requirement is performed at the pre-funding and post funding stage of the loan origination process. [...]

March 2nd, the CFPB issued Supervisory Highlights Consumer Reporting Special Edition (Issue 14), Winter 2017. For those who have had a less than perfect experience when interacting with a consumer [...]

For the non-bank lender, the process of vendor oversight begins prior to establishing an annual audit schedule. And like any good process, it begins well at the beginning - the contract. [...]

Banks, credit unions and non-bank lenders have all been audited in some fashion by state or federal regulators during their lifetime. In recent years, the CFPB (Consumer Financial Protection [...]